Canadian dollar testing major support around $0.7800 and trading below the 200 day average

Observe that the 50 day average has crossed below the 200 day average which has the technical term called a death cross

Canadian dollar four year candlestick chart showing the major downtrend, trading below the 200 day simple moving average and support is around $0.7800

Canadian dollar heads for weekly decline as economy shrinks in July – The Globe and Mail

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Technical Analysis is about avoiding snakes and catching ladders

Note: This technical analysis is for educational purposes. Please conduct your own analysis or consult a financial advisor before making investment decisions. The author of this article may hold long or short positions in the featured stocks or indexes.

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